Buying Your First Home

Your First Home Starts Here

Buying your first home is one of the most significant things you will ever do. It can feel like a lot to take in, and that is completely understandable. At Relax Home Loans, we are here to help you understand your options, work through your first home buyer eligibility, and move forward with confidence, one step at a time.

What First Home Buyers Need to Know

As a first home buyer, there is a range of support available to you, and knowing what applies to your situation can make a real difference. From first home buyer grants and stamp duty concessions to low deposit options and government-backed schemes, the landscape of support has grown considerably in recent years. The key is understanding which of these apply to you, and that is where Relax Home Loans can help.

Before you start looking at properties, it helps to have a clear picture of your first home buyer budget. Knowing what you can reasonably borrow, what your upfront costs might be, and what ongoing repayments could look like gives you a grounded starting point. Our team works with clients across Point Cook, Victoria and nation-wide to help them build that picture clearly and without pressure.

Government Schemes and Grants

The Australian Government operates several schemes designed to help first home buyers get into the market sooner. The First Home Loan Deposit Scheme, now known as the 5% deposit scheme, allows eligible buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). This is a meaningful saving for many buyers. Eligible single parents may be able to purchase with as little as a 2% deposit. There are no income caps and no annual place limits under the current rules, which came into effect from 1 October 2025.

For those who may need additional support, the Help to Buy scheme allows the Australian Government to contribute up to 40% of the purchase price for a new home, or up to 30% for an existing home, in exchange for an equity stake. Income limits apply, and the scheme is not available in all states. It cannot be combined with the 5% deposit scheme, so understanding which option suits your circumstances is important.

The First Home Super Saver Scheme (FHSS) is another option worth understanding. It allows first home buyers to make voluntary contributions into their superannuation and later release those funds toward a home deposit. Up to $50,000 in eligible contributions can be released in total. This can be a tax-effective way to build your deposit over time, though buyers generally need to obtain a determination from the Australian Taxation Office before signing a purchase contract.

State-Based Grants and Stamp Duty Concessions

In addition to federal support, most states and territories offer their own first home owner grants (FHOG) and first home buyer stamp duty concessions. In Victoria, eligible first home buyers can access a $10,000 grant for new homes valued up to $750,000, along with a full stamp duty exemption on properties valued up to $600,000 and a sliding scale concession up to $750,000. These concessions apply to both new and established homes where the property will be your principal place of residence.

Grants and concessions vary significantly by state. Queensland currently offers a $15,000 grant for new homes under $750,000 for contracts signed from 1 July 2026. South Australia offers a $15,000 grant with no property price cap for eligible contracts entered into from 6 June 2024. The Northern Territory offers a $50,000 HomeGrown Territory Grant for eligible buyers purchasing or building a new home. The ACT has removed both the property value limit and income threshold for its Home Buyer Concession Scheme from 1 July 2026, meaning eligible buyers are fully exempt from conveyance duty regardless of property value.

These figures and rules are current as at 1 September 2026, and some are subject to legislative assent. Relax Home Loans always recommends speaking with a licensed specialist before acting on any grant or concession information.

Home Loan Options for First Home Buyers

Choosing the right home loan structure is just as important as finding the right property. As a first home buyer, you will likely be weighing up a fixed interest rate versus a variable interest rate, or a combination of both through a split loan. A fixed rate gives you certainty over your repayments for a set period, while a variable rate can offer more flexibility, including features like an offset account or redraw facility.

An offset account sits alongside your home loan and reduces the amount of interest you pay by offsetting your loan balance with funds held in the account. A redraw facility allows you to access any extra repayments you have made. Both can be useful tools depending on how you manage your money day to day. Not all low deposit loan products include these features, so it is worth comparing carefully.

Interest rate discounts can also vary significantly between lenders. The rate you are offered will depend on your deposit size, your financial profile, and the lender's current policies. Relax Home Loans works with a broad panel of lenders to help you understand what is available and what might suit your situation.

Pre-Approval and Your First Home Loan Application

Getting pre-approval before you start making offers gives you a clearer sense of your position. A pre-approval is a conditional indication from a lender that they may be willing to lend you a certain amount, based on the information you provide. It is not a guarantee of finance, but it does give you a working boundary as you look at properties.

When you are ready to move forward with a first home loan application, Relax Home Loans will help you understand what documentation is required, what lenders are likely to consider, and how to present your application clearly. We work with first home buyers across Point Cook and beyond to make the home loan application process feel manageable.

Buying your first home is a significant step, and you do not need to take it alone. Relax Home Loans is here to help you understand your options, make sense of the available support, and move forward at a pace that feels right for you.

Our Process

Step 1: Discovery Conversation
At Relax Home Loans, we begin your home loan journey with a friendly, in-depth conversation with your dedicated broker. Whether you’re buying your first home, investing, or refinancing, we listen closely to understand your goals, financial situation, and unique needs. We dive deep to get a complete picture, then start researching loan options tailored just for you. Our mission is to keep the process simple and stress-free, so we can get started as quickly as possible for you.

Step 2: Financial Assessment
With care and expertise, we thoroughly review your financial situation—your income, savings, assets, liabilities, and credit history. This helps us determine your borrowing capacity and estimate affordable repayments. We’ll also explore eligibility for benefits like interest rate discounts or first-home buyer grants. To make things clear, we’ll present a preliminary proposal, collaborating closely with you to refine it so it perfectly suits your needs.

Step 3: Strategy Meeting
Here, we craft a personalised plan. Your broker presents a handpicked selection of loan options from trusted lenders, tailored to your goals—be it a fixed-rate, variable-rate, offset, interest-only repayments, or a bridging loan. We break down the pros and cons of each approach in plain language. At Relax Home Loans, we aim to go above and beyond to ensure you feel empowered to make a decision that’s clearly in your best interest.

Step 4: Pre-Approval
Pre-approval gives you the confidence to shop for your dream home. We manage the entire process, collecting documents like pay slips, tax returns, and bank statements to secure your pre-approval. This clarifies your budget and strengthens your position in the property market, so you can move quickly without stress. With Relax Home Loans, we make this step seamless, freeing you to focus on finding the perfect property.

Step 5: Application Submission
Once you’ve selected your ideal loan, we take the reins. Our team submits your application, oversees all paperwork, and keeps you and the lender informed as we work toward formal approval. We manage every detail, resolving any questions to ensure a smooth, hassle-free experience. At Relax Home Loans, we lift the burden off your shoulders, making the application process as effortless as possible.

Step 6: Loan Approval & Settlement
Once your loan is approved, our team will be available to guide you through the final agreement, ensuring you understand rates, fees, and repayment terms. We will ensure we’re keeping an eye on everything so that it all comes together smoothly. At settlement, you’ll receive your keys, and we’ll celebrate this milestone with you. But our support doesn’t end here—Relax Home Loans is with you for the journey ahead.

Step 7: Customer Success
Our commitment to you is lifelong. Your broker remains your trusted partner, offering guidance on managing repayments, refinancing, or tapping into home equity for future investments. Our customer success team proactively advocates for you, negotiating better rates with your lender or helping you switch if better options arise. With Relax Home Loans, you get ongoing education and support, ensuring your homeownership journey stays simple and rewarding. Relax—we’ve got you covered!